News & Blog
According to online real estate listing firm Domain, the house prices in Sydney, that were increasing at a faster pace are now decreasing.
As per the report named “Boom is Over” published by Domain on Thursday, house prices grew just 3.2 percent in the three months ending Sept. 30, less than half the pace of the previous quarter and the slowest quarterly rate since March 2014.
In the report senior economist Andrew Wilson said, “The extraordinary house price growth Sydney has recorded over the last three years is now clearly receding. Housing markets across the nation are likely to experience moderate to modest growth over the remainder of 2015 and 2016 as the impact of previous interest rate cuts wanes and income growth remains subdued”.
Housing prices in Melbourne seems to be moderate in the last quarter. In this quarter the increase was only 2.8 per cent, whereas in the last quarter it was 6 per cent.
If we talk about the ones in Queensland, then there is also a decrease. Home values fell 73 percent in Dysart and 71 percent in Moranbah in just three years, the property services and investment firm said.
News Source: https://www.wealthprofessional.com.au/news/sydney-housing-boom-is-over-as-price-growth-slows-207139.aspx